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Archive for April, 2013

Insider Trading in Washington: Here We Go Again

Posted by Larry Doyle on April 18th, 2013 7:10 AM |

If transparency is the great disinfectant, then the stench emanating from Washington not only remains strong but just got a whole lot stronger. How so?

Recall that the STOCK Act, that is the legislation passed a year ago to outlaw insider trading in Washington, only came into being after a 60 Minutes expose embarrassed Congress to address this racket. Prior to that the legislation sat bottled up in committee for many years.

Well, if you had any real confidence that the STOCK Act would really clean out the insider trading stables in Washington, think again. With both old holes and recent new holes in this smelly piece of legislation, this act should be renamed the Molded Swiss Cheese Act. Thanks to the regular reader who brought this stench to my attention. Let’s navigate.  (more…)

Please Pray for Martin Richard and Family

Posted by Larry Doyle on April 17th, 2013 8:27 AM |

There remain no shortage of topics to address along the economic landscape but I beg your indulgence today.

There is nothing I might share here that could possibly be more meaningful than to use this forum to honor the request of Bill Richard, who lost his son Martin this past Monday at the Boston Marathon.

As if the loss of an 8-year old son is not enough for one man and family to bear, the Richard family’s young daughter Jane and mother Denise also suffered very serious injuries.

Bill Richard released the following message:

“My dear son Martin has died from injuries sustained in the attack on Boston. My wife and daughter are both recovering from serious injuries.

“We thank our family and friends, those we know and those we have never met, for their thoughts and prayers. I ask that you continue to pray for my family as we remember Martin.”  (more…)

Patriots Day in Boston: Oh the Memories

Posted by Larry Doyle on April 16th, 2013 8:07 AM |

“Go get your brother.”

I fondly recall that statement from my Dad at 9am or thereabouts on Patriot’s Day circa 1971.

The adrenaline rushed through my body as I jumped on my bike for the mile ride to “the field” to get my brother so we could head into Fenway Park for the traditional Patriot’s Day 11am ballgame. I recall that our Red Sox were playing the Cleveland Indians that beautiful day.

I also remember wondering why my brother had to head to “the field” that morning, as time would be precious to get into Fenway and get tickets. (more…)

Obamacare: 12 “Scary” Assessments

Posted by Larry Doyle on April 15th, 2013 9:32 AM |

How is Obamacare treating you so far?

Are you experiencing any of the maladies highlighted in a recent review by Investor Business Daily that projects that Obamascare will lead to the following:

1. Boost insurance costs.

2. Push millions off employer coverage: In February, the Congressional Budget Office said that 7 million will likely lose their employer coverage thanks to ObamaCare — nearly twice its previous estimate. That number could be as high as 20 million, the CBO says.

3.Cause premiums to skyrocket:  (more…)

Weekend Reading: The Property Illusion

Posted by Larry Doyle on April 13th, 2013 6:23 AM |

I have no doubt that given the need for sources of revenue by Uncle Sam and other sovereign governments, the topic of “the protection of property rights” will be increasingly brought front and center in the public arena.

We saw this play out in Cyprus just a few weeks back, and we witness another example of this topic just the other day in a WSJ article, Now He’s After Your 401(K).

What some ideologues might view as “equitable redistribution,” other individuals who have worked long and hard for property would view as expropriation without proper compensation.

Do you think that this topic might be reason, if not partial motivation, for the steady stream of firearm sales? (more…)

Rackets + Inmates Run Asylum = Banana Republic Recommended

Posted by Larry Doyle on April 12th, 2013 8:06 AM |

Not that we needed any further evidence that the inmates on Wall Street are running the asylum in Washington or that our nation is seriously eroding from within, but recent testimony regarding the settlement of the mortgage foreclosure debacle provides it.

You recall the shenanigans within this foreclosure fiasco where the banks often employed individuals for $10/hour to robo-sign documents and illegally foreclose on people’s homes, don’t you? I defined this specific practice and much of what it encompassed as part and parcel of an enterprise that could only be described as racketeering. Well, there’s more.  (more…)

The Fed Leak: Who is Brian J. Gross?

Posted by Larry Doyle on April 11th, 2013 8:16 AM |

Do you believe that the leak of the Federal Reserve release, a full day before it was to be shared publicly, was a mere accident?

If so, I might caution you from opening e-mail solicitations you receive from individuals in Nigeria informing you that you are the beneficiary of millions of dollars from recently deposed warlords in that nation or other sub-Saharan locales.

I mean, come on. Major financial institutions including Goldman Sachs, JP Morgan Chase, Wells Fargo, The Carlyle Group and more are informed a full day in advance of what the Fed governors are thinking, and the American public is supposed to buy that as an accident? (more…)

Gundlach: “Investment Success Is About Timeliness”

Posted by Larry Doyle on April 10th, 2013 8:21 AM |

What is the finest mind in the market thinking now?

If I had a nickel for the number of people on Wall Street whom I have heard say that they had all the right trades but not necessarily at the right time, then I would have a lot of nickels.

Very simply, trading and investing are not simply about being in the right place in the market. Successful trading and investing are about being in the right places at the right times. Who gets this? Doubleline’s Jeff Gundlach who recently shared his visionary “must read”  insights.  (more…)

Hank Paulson: The Wolf in Sheep’s Clothing

Posted by Larry Doyle on April 9th, 2013 10:07 AM |

Have you ever encountered an individual who seems to be so ingratiating that you are immediately attracted to him and desire to learn more of what he has to offer?

I would imagine that many who frequent this blog have been in meetings or other situations where a strong willed, dynamic leader lays out a host of propositions that would have everybody in attendance salivating for more; however, once having set the table so to speak, the leader quickly and surreptitiously delivers a powerful message incorporating proposed enormous changes so as to leave all in attendance wondering “what just happened here.” This scenario is often compared to the children’s fable The Wolf in Sheep’s Clothing.

As I continue to navigate back through the annals of Wall Street while working on my book (In Bed with Wall Street to be released in early 2014 by Palgrave/MacMillan…sorry for the shameless plug) I recently came across testimony from then Goldman Sachs CEO Hank Paulson that struck me as a quintessential example of this aforementioned simple story of deceit.  (more…)

Stories Deserving More Attention: Did You See This?

Posted by Larry Doyle on April 8th, 2013 8:21 AM |

While taking a brief respite from writing last week, I was struck by a number of stories worthy of real attention. Some of these items have received a fair bit of focus, while others may have passed largely unnoticed.

I will reference these stories now and will certainly come back to many, if not all, of them in the near future. The items include:

1. In what might only be compared to trying to turn around the Titanic on one of your local streets, the Bank of Japan is launching a “quantitative easing on steroids” program. The goal of “all this juice” is to generate a 2% rate of inflation in the next two years from what has been a two-decade deflationary cycle.  (more…)

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